Etailer Amazon has announced its financial results for Q3 2014 including an operating loss of $544 million.
It is a greater loss compared to the loss of $25 million it made in the third quarter during 2013.
However, net sales increased by 20 per cent to $20.58 billion in Q3 2014, compared with $17.09 billion during the same time in 2013.
The favorable impact from year-over-year changes in foreign exchange rates throughout the quarter on net sales was $13 million.
Jeff Bezos, founder and CEO of Amazon, said: "As we get ready for this upcoming holiday season, we are focused on making the customer experience easier and more stress-free than ever.
“In addition to our already low prices, we will offer more than 15,000 Lightning Deals with early access to select deals for Prime members.”
Bezos also added that customers will have access to Amazon’s new line-up of products including the Kindle Voyage and Fire HD Kids Edition.
This news comes after reports suggested that Amazon would also be working on wearable tech products.